NG seals double deal in Nottingham city centre
Commercial property specialists have completed a double deal on one of the main arterial roads into Nottingham city centre.
Acting on behalf of a landlord Firmtake, James McArthur, director at NG, has completed the freehold sale of the 0.35 acre 481-495 Alfreton Road site. NG says that the buyer is planning a residential scheme on the site.
The second deal includes the sale of the freehold 509-511 Alfreton Road, which includes a ground floor retail unit, a former club/bar premises on the ground and first floor and some rear garages, all of which were in severely dilapidated state. The buyer will be redeveloping the property to create two ground floor retail units. Bookmaking giant Paddy Power have taken one unit, while a scheme for seven 1-bedroom flats on the first floor already has planning approval.
McArthur said: “I am particularly pleased to get both deals across the line as part of what has been a sometimes complicated deal. Both sites are in need of redevelopment and I am looking forward to seeing the end results once all works have been completed, which will only be a benefit to the surrounding area.”
He added: “481-511 Alfreton Road was the first management portfolio I was given when I first started my career as a surveyor and I have been dealing with it for over 15 years. While I am pleased to have completed the last transactions, it brings about a certain element of sadness and nostalgia
as I gained invaluable experience dealing with this site over the years.
Allan Taylor of Firmtake added: “This portfolio has at times been a real challenge however James has been fantastic to deal with and was not afraid to roll up his sleeves and get stuck in and offer solutions, often out of the box. I am pleased that we have now sold the last remaining units and I hope to work again with James in the future.”
Chris Green, development manager – Midlands at Paddy Power Betfair, said: “Paddy Power are delighted to be opening their first Nottingham branch on Alfreton Road and bringing this long term vacant site back to life with a £250k investment. We look forward to creating several new jobs and to bringing their famous package of unique bonuses and offers to the punters of Nottingham.”